SodBusiness creditors held an initial meeting, October 16. The bank owed, by that day, more than three billion roubles, roughly exceeding US$100 million, while what remained on its correspondents account at the Central Bank and several foreign currency accounts in the Savings Bank of Russia made a lump 1.04 billion, in the rouble equivalent.
Liquid assets have been evaluated at 300 million roubles-as against 4,478 million debtor indebtedness on contract loans. Stale debts make more than 96 per cent of the entire credit portfolio.
After the Central Bank approves the SodBusiness preliminary liquidation balance, top-priority creditors will receive an initial tranche at 53 per cent of sums the receiver confirms. Private and corporate creditors will get more money back as debts are collected from the SodBusiness, explains the Central Bank.
A first tranche will be paid to bank depositors within this month, reassures the release. The deadlines and amounts of further payments will depend on how quickly, and to what an extent debts on previous loans are collected. Loans to eleven insurance and investment companies will come for collection the first. Depositors will hardly receive more than 65 to 70 per cent of their claims unless debts are collected from the involved insurers, warns the Central Bank.
SodBusiness banking operations lost their license, May 13. In a session of June 24, the Moscow Arbitration Court determined to have the bank liquidated and a receiver appointed. The receiver assumed his duties to their full extent, September 24.
